Coinbase is currently the biggest cryptocurrency exchange in the world. It had a small beginning and was founded in 2011 by Brian Armstrong and Fred Ehrsam in San Francisco, California. Bitcoin was beginning to gain a certain amount of popularity in the tech community, and they wanted to create a place where people could exchange their fiat currency for crypto.
They created an online wallet, which could hold these cryptocurrency funds and keep them secure from hackers. You could also send and receive Bitcoin from your personal online wallet. They started off as a humble organization that catered to the few people in the world who saw value in cryptocurrency. In November 2017, they surpassed 13.3 million users worldwide.
Why You Should Start With Coinbase
From their exchange, you can purchase, and store Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. These are the top four cryptocurrencies in the world right now. You can directly link your bank account or credit card to your account which makes it incredibly easy for users to begin making their first cryptocurrency investments. You can even schedule weekly transactions that will allow you to easily invest in Bitcoin without thinking about it.
If you’re just getting into cryptocurrency for the first time, then Coinbase is the easiest way to start. They have a really simple user interface which is designed for almost anybody to be able to use.
Coinbase is also very secure. It’s an American company with a good reputation, and they haven’t had a single instance of fraudulent activity since their creation. Users can even set up two-factor authentication which is a process that requires users to verify each transaction with a code sent directly to their phone. This means that even if somebody did get access to your account, they wouldn’t be able to make any transfers or withdrawals until you had personally verified it.
How To Sign Up To Coinbase
Now you’re probably interested in signing up! Luckily Coinbase makes it easy for anybody to sign up.
You can get a $10 bonus for Coinbase by using this link: https://www.coinbase.com/join/59a216357987490123fb3959
After this, they will have you enter some personal details such as your email address, phone number, and they will have you create a personal password. Then you will receive an email asking you to verify your account. Within minutes, you will be able to access your new account.
Link Your Bank
Before you start buying Bitcoin, you will need to link a credit card or your bank account. Don’t worry, Coinbase has very secure servers, and you won’t have to worry about your anybody hacking your account or you’re stealing your personal details. Let’s discuss some of the differences between using your bank account and using your credit card.
When you’re first setting your account up, it can take a few days to verify your bank account details. Coinbase will verify your account by taking two small withdrawals from your account (usually less than 5 cents).
It will then have you verify the exact amount of each withdrawal and the date the transaction occurred. This way Coinbase can be absolutely sure that you are, in fact, the account owner. This can be a bit of a pain, but it’s worth it to do in the long run if you plan on making large investments.
If you have your bank linked to your Coinbase account, then you can make transfers of up to $5,000 per week, whereas, with your credit card, you can only transfer $400 per week to your account.
The only downside of using your bank account is that it can take up to five days to transfer funds from your bank. If you are looking to make quick, small investments, then you will want to use your credit card.
The advantage of using your credit or debit card is that it’s very quick. When setting up your credit card, you will still need to go through the same verification process where they will withdraw two small amounts from your account.
However, once you have verified this (which usually takes less than 30 minutes), you can begin buying making your first Bitcoin investments. The only drawback of using your credit card is that you are only able to purchase $400 per week. This is usually enough for most investors, but if you are looking to make a more significant investment, then you will want to use your bank account.
Send and Receive Bitcoin
Once you purchase Bitcoin on the Coinbase exchange, then it will be stored in your online wallet where you can either leave it safely, or you can send it to an outside wallet. If you have a significant amount invested (more than $5,000), then it’s a good idea to use a hardware wallet. You may also want to send your Bitcoin funds to other exchanges so that you can use it to purchase Altcoins.
For that the process is simple. If you click the ‘Account’ tab, then you will be able to view all of your Coinbase wallets, and from there you will be able to send funds or generate a receiving address if you are trying to make a deposit from another exchange or wallet.
Let’s quickly review what makes Coinbase different from other exchanges:
- Easy to understand user interface means that you don’t have to be a crypto expert to start making your first investments.
- Ability to link your credit card for immediate purchases and transfers.
- The coinbase dashboard is very simple and easy to read, which makes it easier than ever if you are trying to understand the market’s history and predict it’s future.